diff --git a/packages/eslint-plugin/src/rules/explicit-module-boundary-types.ts b/packages/eslint-plugin/src/rules/explicit-module-boundary-types.ts
index e7552e0cbd8..b891cbec6cb 100644
--- a/packages/eslint-plugin/src/rules/explicit-module-boundary-types.ts
+++ b/packages/eslint-plugin/src/rules/explicit-module-boundary-types.ts
@@ -22,7 +22,6 @@ type Options = [
     allowedNames?: string[];
     allowHigherOrderFunctions?: boolean;
     allowTypedFunctionExpressions?: boolean;
-    shouldTrackReferences?: boolean;
   },
 ];
 type MessageIds =
@@ -85,10 +84,6 @@ export default util.createRule<Options, MessageIds>({
               'Whether to ignore type annotations on the variable of a function expresion.',
             type: 'boolean',
           },
-          // DEPRECATED - To be removed in next major
-          shouldTrackReferences: {
-            type: 'boolean',
-          },
         },
         additionalProperties: false,
       },